Q&A - compiled answers, May 2025

DISCLAIMERI
ncluded answers, data, estimates and plans are based on current knowledge and reasonable efforts. Biotech product research, development and commercialisation involve risks and are inherently unpredictable, hence full assurance or guarantee to the accuracy or completeness of the included information cannot be provided.

This information does not constitute an offer or invitation to purchase or subscribe for any shares or other securities in the company and should not be considered as advice or a recommendation to investors or potential investors in respect of the holding, purchasing, or selling of shares or other securities in the company and does not take into account any investor's particular objectives, financial situation or needs.   

The communication in this information may be restricted by law; it is not intended for distribution to, or use by any person in, any jurisdiction where such distribution or use would be contrary to local law or regulation.

Q: How effective is Follicopeptide - and who is it for?

A: Follicopeptide is a clinically tested peptide-based topical treatment designed to stimulate hair growth. In clinical studies involving over 300 participants, Follicopeptide had a very good safety profile, and in one large study Follicopeptide applied once daily led to an average increase of 7-12 new hairs per cm² after only four months, with more than 70% of users responding positively to treatment. 

Follicopeptide is intended for both men and women experiencing pattern hair loss, especially those with early to moderate hair thinning. It is suitable for individuals looking for a once-daily, non-invasive topical solution with clinically proven efficacy and high tolerability. 

Q: Will this product have side effects like minoxidil? 

A: Follicopeptide has a unique mechanism of action, and a very good safety profile including very good skin compatibility. It does not share the properties or side effects typically associated with minoxidil.

Q: When will Follicopeptide be launched and where will it be available? What will it cost?

A: The first product launch is planned for Europe (EU) towards the end of 2025. During 2026, several other markets is expected to follow, including the US. The price range is not yet ready to be disclosed, but the product will be positioned in the premium segment, as it offers a completely new solution with clear benefits compared to existing products on the market.

Q: Is there any way I could purchase a sample of Follicopeptide directly from you to try it?

A: An early sign-up programme is being planned for the autumn, with an expected attractive introductory price. More info will be shared closer to product launch.

Q: What is the status of the cooperation with Zhejiang Sukean?

A: We have an ongoing collaboration with them for the Chinese market. The main focus at the moment is on the regulatory processes in China, which differ somewhat from those in the EU and US.

Q: If Follicopeptide is so unique and impressive why not attempt to get an FDA clearance? 

A: Follicopeptide will not be FDA cleared, as it will be marketed as a cosmetic ingredient, not as a drug. This approach allows for faster market entry and lower development costs. 

Q: Has the current trade conflict affected your plans in any way?

A: Yes, the tariff threats brought on by the current US administration also affect Coegin, just like any other internationally focused biotech company, especially providing uncertainties in partnering discussions with potential US partners.

Q: Do you expect an upfront payment that could help avoid a new share issue?

A: Our focus is to maximise the value of Follicopeptide in both the short and long term. Partners willing to make early investments in Follicopeptide are certainly in focus, but an upfront payment does not necessarily mean that the partner is best positioned to maximise the long-term value of the asset. We evaluate the overall business development terms to determine what is most beneficial for Follicopeptide and Coegin. 

Q: Could you share an update on the partnership process?

A: We are progressing our discussions and currently having advanced dialogues ongoing in all key regions. Our focus is on maximising the long-term value of Follicopeptide. If our goal were simply to secure a basic distribution deal in a major market, we believe that could already have been achieved. Establishing solid partnerships takes time and timing of such is inherently unpredictable, yet we are fully committed to establishing the best long-term partnerships for Coegin on a global level.   

Q: When will your skin pigmentation product be available, and where? Will it require a prescription or be sold online or in stores?

A: We aim for the initial market launch of NPP-4 as a cosmetic ingredient in cosmetic products towards the end of 2026, meaning that they can be purchased without a prescription. Exact geographies (countries/regions) are still in discussion, as well as the point of sales (online sales, pharmacy, cosmetic clinics, dermatologist offices and more). 

Q: Will NPP-4 work for all skin types - including very light skin tones?

A: NPP-4 can effectively induce tanning by stimulating melanin production and transfer in human skin cells, including those with very light skin tones. Its action is mediated by upregulating tyrosinase and enhancing melanosome transfer, making it a promising agent for pigmentation enhancement across all skin types. However, it is not possible to tan beyond what your genetics allow - for example, someone with skin type 1 will never develop the pigmentation of skin type 3 (brown) or 6 (black). 

Q: Would this product replace sunscreen or just potentially enhance it?

A: NPP-4 has been shown to enhance your skin's natural pigmentation and tanning, but it cannot replace sunscreen. While increased melanin does provide some natural defence against UV radiation, the level of protection is modest and far below what is provided by properly formulated sunscreens. For effective protection against sunburn, photoaging, and skin cancer, use a broad-spectrum sunscreen with adequate SPF, regardless of any pigment-boosting or melanin-stimulating treatments you may use 

Q: Do you still work with BioPharma Connections?

A: Yes, we have a close collaboration with BioPharma Connections. Several of our ongoing business dialogues are due to their unique contacts in the industry.   

Q: The notice of the Annual General Meeting mentions a new remuneration programme for the CEO - what is the reason for introducing this new programme?

A: The majority of listed companies apply a remuneration model for the CEO and executive team that includes both a fixed and a variable component. The variable component is linked to multiple targets defined by the company. These remuneration programmes are usually set on an annual basis and evaluated after the end of the financial year.

At Coegin Pharma, this model has been standard for several years. What differs this year - and why the CEO's remuneration programme is subject to approval at the AGM - is that any variable amount paid out in spring 2026 will be subject to a mandatory reinvestment in Coegin shares. Provided that all targets are met, the CEO will receive full variable compensation in the form of shares. If none of the 2025 targets are met, no variable compensation will be paid. Several of this year's targets are linked to entering into license agreements.

The CEO's total remuneration has also been benchmarked by the Board of Coegin against several comparable companies - and has been deliberately positioned in the lower range, at the CEO's own request. We are strongly committed to keeping the company's costs down, particularly at a time when Coegin does not yet generate its own revenue.